Welsh remortgaging up 17.1% in Q2

Some 4,800 Welsh homeowners remortgaged in the second quarter of the year representing a 17.1% increase on the same period in 2017, figures from UK Finance have revealed.

However the number of homemovers and first-time buyers was down during the period by 2.6% and 2.4% respectively.

Julie-Ann Haines, chair of UK Finance’s Wales Mortgage Committee, said: “Remortgaging activity remained strong in Wales, as homeowners took advantage of attractive deals and competitive rates in anticipation of the recent Bank of England rate rise.

“However, house purchase activity has slowed, with affordability a challenge for some prospective buyers.

“This underlines the importance of the recently introduced shared ownership and rent to buy schemes aimed at supporting home ownership, and the need for clarity over the future of Help to Buy Cymru after 2021.”